Midwest Trust Co Increases Position in The Allstate Corporation $ALL

Midwest Trust Co increased its position in shares of The Allstate Corporation (NYSE:ALL) by 7.1% during the 1st quarter, Holdings Channel reports. The firm owned 102,379 shares of the insurance provider’s stock after acquiring an additional 6,809 shares during the period. Midwest Trust Co’s holdings in Allstate were worth $21,227,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Allstate by 60.2% during the fourth quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider’s stock valued at $1,253,000 after acquiring an additional 2,443 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Allstate in the fourth quarter worth about $231,000. WINTON GROUP Ltd bought a new position in shares of Allstate in the second quarter worth about $210,000. Treasurer of the State of North Carolina grew its position in shares of Allstate by 2.5% during the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider’s stock worth $24,816,000 after purchasing an additional 3,051 shares in the last quarter. Finally, Ieq Capital LLC raised its stake in Allstate by 20.1% during the 2nd quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider’s stock valued at $7,713,000 after purchasing an additional 6,412 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ALL shares. Piper Sandler reissued an “overweight” rating on shares of Allstate in a report on Thursday, May 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Allstate from $242.00 to $255.00 and gave the company a “market perform” rating in a research report on Wednesday. Citigroup boosted their target price on shares of Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Cantor Fitzgerald upped their target price on shares of Allstate from $236.00 to $242.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Morgan Stanley raised their target price on shares of Allstate from $215.00 to $240.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $248.26.

Allstate Price Performance

Allstate stock traded up $3.00 during midday trading on Friday, reaching $251.64. 1,041,559 shares of the stock traded hands, compared to its average volume of 1,803,435. The stock has a market cap of $64.78 billion, a P/E ratio of 5.55, a PEG ratio of 0.44 and a beta of 0.16. The stock’s fifty day moving average is $224.15 and its 200-day moving average is $213.01. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $257.67.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.53 EPS. As a group, equities research analysts anticipate that The Allstate Corporation will post 29.99 EPS for the current year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. Allstate’s dividend payout ratio is presently 9.53%.

Trending Headlines about Allstate

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Mizuho raised its price target on Allstate to $272 from $255 and kept an outperform rating, signaling confidence that the stock still has upside from recent levels.
• Positive Sentiment: Several recent articles argued that Allstate looks undervalued after earnings and may benefit from a relatively favorable catastrophe year, which could help underwriting results and profits.
• Neutral Sentiment: Allstate declared a quarterly dividend of $1.08 per share, reinforcing shareholder returns but not necessarily changing the near-term trading story.
• Neutral Sentiment: Comparative coverage versus Progressive and other insurance peers kept attention on Allstate’s valuation, but this was more of a relative-stock discussion than a direct catalyst.
• Negative Sentiment: Oklahoma Attorney General Gentner Drummond sued Allstate, alleging the insurer defrauded customers, adding a fresh legal overhang that could raise compliance and settlement concerns. Article Title
• Negative Sentiment: Allstate also drew attention after accusing Broadcom of auditing it because it ended its VMware/CA relationship, another sign of ongoing legal or contractual friction. Article Title

Insiders Place Their Bets

In related news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, the insider owned 27,558 shares of the company’s stock, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 22,353 shares of company stock valued at $4,851,560 in the last three months. Corporate insiders own 1.55% of the company’s stock.

About Allstate

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.